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Rent to buy scheme

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  • 02-02-2011 11:18pm
    #1
    captain_irish
    Registered Users Posts: 49 ✭


    has anyone actually bought a house or currently in the process of it through the rent to buy scheme? how did/are you finding it? who did you do it with? is it worthwhile? please only people in the know reply to this ive read enough opinions on it now i want to hear from people with experince only thanks.


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    #2
    davet82
    Closed Accounts Posts: 3,753 ✭✭✭davet82


    I'm interested in this too, hoping to breath life into this thread :)


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    #3
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    its a stupid scheme it doesnt work and not ONE single person has ever come onto the A&P forum to say they did it and are happy with it.


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    #4
    Monty Burnz
    Closed Accounts Posts: 12,455 ✭✭✭✭Monty Burnz


    D3PO wrote: »
    its a stupid scheme it doesnt work and not ONE single person has ever come onto the A&P forum to say they did it and are happy with it.
    That certainly tells its own story. It was a nice trick to try to sell unsaleable properties. It didn't work.


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    #5
    mrgaa1
    Closed Accounts Posts: 759 ✭✭✭mrgaa1


    it seems the government want to try it out shortly.....


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    #6
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    mrgaa1 wrote: »
    it seems the government want to try it out shortly.....

    Not exactly. The government proposal is that a person in negative equity who is unable to meet their mortgage payments, signs the property over to a new state agency, who in turn rent it back to them at open market rates (there is a presumption here that the rental rate is lower than the mortgage rate that they're currently paying, and that they will thus be able to remain in what was once their own home.

    There is no element in this scheme whereby the person, now a tenant, is given the right to purchase the property from the state body at a discount (presumably equal to or a portion of the rent paid).

    It really is a different idea altogether.

    The government idea is to keep people in what was once their homes, while generating an income from the property (the open market rent).

    Personally I don't think it'll work- if they can't pay the mortgage, who is to say they'll be able to pay the rent- and what happens in 6 months or 12 months down the road where you have tenants who have built up significant rent arrears- do you then evict them from what was once their property?

    I think there are too many rosy presumptions built into the proposals.


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